How Wall Street helped turn poor countries into permanent debtors
Like many Americans, most countries are in a lot of debt.
Developing countries, alone, carry nearly $31 trillion worth of debt. Enough debt to give everyone in the world a check for $3,750. Or to pay for Jeff Bezos to throw a $50 million wedding in Venice every weekend for the next 11,900 years. Or, at least in theory, to solve world hunger with trillions to spare.
But instead, many countries across Africa, Asia, and Latin America are saddled with so much debt that today more than 3 billion people — over one-third of humankind — live in nations that spend more on interest payments than they do on health care or education. This is nothing new. But it’s gotten far worse in recent years as part of a vicious cycle that will be all too familiar to most Americans who’ve ever fallen behind on a credit card bill or a student loan payment.
You take out a new credit card to pretend you can pay the old one. No matter how much you pay off each month, somehow the amount you owe seems to grow larger each year. And if a disaster strikes at the absolute worst possible moment — be it a hurricane or a medical emergency — then forget it.
https://finance.yahoo.com/news/wall-street-helped-turn-poor-113000896.html
Where the GOP will take this country if they continue to get their way.